J-GLOBAL         Last updated: Nov 14, 2018 at 10:14
National Graduate Institute for Policy Studies
Job title
Ph. D(Yale University), (BLANK)


Kiyohiko G. Nishimura is Retired Professor of Economics of the Graduate School of Economics at the University of Tokyo and Professor of National Graduate Institute for Public Policy (GRIPS). Before returning to academia, he was Deputy Governor of the Bank of Japan for five years until March 19, 2013, one of the most turbulent periods in the history of the world economy and central banking. He has been particularly influential in the debates over macro-prudential policies, especially in pointing out the critical importance of demographic factors on property bubbles and financial crisis. His work and speeches on demography and economic policy have been cited widely and policy makers around the world have increasingly been recognizing the urgency of the problem.

He received his B.A. (1975) and M.A. (1977) from the University of Tokyo, and Ph. D. (1982) from Yale University. He was an Arthur M. Okun Research Fellow (1981-1982) at the Brookings Institution in Washington, D.C., before joining the Faculty of Economics at the University of Tokyo in 1993 where he was Associate Professor (1983-1994) and Professor (1994-2005). He was jointly appointed as Executive Research Fellow of the Economic and Social Research Institute of the Cabinet Office of the Government of Japan between 2003 and 2005, before joining the Bank of Japan as its Member of the Policy Board (2005-2008), and then as Deputy Governor (2008-2013). After returning to academia, he was Dean of the Graduate School of Economics and Chairman of the Faculty of Economics at the University of Tokyo (2013-2015). He was jointly appointed by the University of Tokyo and the National Graduate Institute for Policy Studies (2015-2017) until his retirement from the University of Tokyo. Since February 2014, he is Chairman of the Statistics Commission of the Government of Japan, which oversees the official statistics in Japan, and he is leading a sweeping reform of the economic statistics in Japan. He is also a member of the Board of Trustees of Japan Women’s University since April 2016.

His academic research focus spans widely from economic theory such as mathematical economics and the microeconomic foundation of macroeconomics, economic policy to management studies about areas including property markets and the e-business of automobile distribution. He received the Nikkei Prize in 1993 for his book, Imperfect Competition, Differential Information, and Microeconomic Foundations of Macroeconomics (Oxford University Press, 1992), the Japan Economist Prize in 1997 for his book, Macroeconomics of “Price Revolution” (Nihon Keizai Shinbun, 1996), the Japan Association of Real Estate Sciences Prize in 2005 for his book, Economic Analysis of Property Markets (Nihon Keizai Shinbun, 2002), and TELECOM Social Science Award in 2006 for his book, Advancement of Information and Communication Technology and Its Impacts on the Japanese Economy (Yuhikaku Publishing, 2004). He was also the winner of the Japanese Economic Association Nakahara Prize in 1998 for his outstanding international contribution to mathematical economics and economic theory. He was awarded Emperor’s Medal of Honor with Purple Ribbon in 2015, for his outstanding contribution to theoretical economics.

He is now a senior advisor of the Asian Economic Panel and a member of the editorial board of several international academic journals in economics and management sciences. He also held business positions before joining the Bank of Japan: he sat on the Advisory Board of the Fujitsu Research Institute (Japan) and he was an academic advisor of Recruit Ltd. (Japan) and Investment Property Databank (U.K.). Since July 2014, he is an independent director of Cookpad Inc., a global IT company managing the world’s largest recipe-exchange site on the smartphone platform until March 2017. Since December 2014, he is a member of the MNI Connect Advisory Board of Market News International, a leading provider of news and intelligence for the global foreign exchange and fixed income markets. He is also an advisor of Zymax Real Estate Research Institute for property market research (since October 2015) and Nowcast Inc., for using big data in macroeconomic research (since February 2015).

Research Areas



Graduate School, Division of Economics, YALE
Faculty of Economics, The University of Tokyo


A Note on Price Rigidity
Journal of Economic Behavior and Organization   10    1988
Rational Expectations and Price Rigidity in a Monopolistically Competitive Market
Review of Economic Studies   53    1986
Differential Information, Monopolistic Competition, and Investment
International Economic Review   32(4)    1991
Indexation and Monopolistic Competition in Labor Markets
European Economic Review   33    1989
Customer Markets and Price Sensitivity
Economica   56    1988

Books etc

Imperfect Competition, Differential Information, and Microfoundations of Microeconomics
Clarendon Press Oxford   1992   
The Distribution System in Japan
Stock Prices and Land Prices in Japan
Introduction to Optimization Theory
Agricultural Land Reform and the Japanese Farmland Market.
Land Policy Problems in East Asia   1993   

Research Grants & Projects

The Behavior of Japanese Investors
Industrial Macroeconomics